Hi, Recently, EPFO issued a notification regarding the ELI Scheme, which is attached. Kindly explain this matter.
From India, Kolkata
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7From India, Kolkata
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The New Employee Linked Insurance (ELI) Scheme for Provident Fund (PF) has been introduced by the Employees' Provident Fund Organisation (EPFO) in India. This scheme aims to provide enhanced insurance benefits to employees covered under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952.
Key Points to Understand the ELI Scheme:
What is the ELI Scheme?
- The ELI Scheme is an insurance scheme that provides life insurance coverage to eligible employees who are members of the EPF.
Key Features of the ELI Scheme:
- The ELI Scheme offers life insurance coverage for EPF members.
- The insurance coverage is linked to the member's PF account.
- The scheme provides financial security to the nominee in case of the member's unfortunate demise.
Benefits of the ELI Scheme:
- Financial protection for the family of the deceased member.
- Insurance coverage amount is based on the member's average PF balance, subject to a maximum limit.
- Nominee receives the insurance amount in case of the member's death.
Notification Details:
- The notification issued by EPFO contains detailed information on the ELI Scheme, including eligibility criteria, coverage amount, and the process to avail the benefits.
- To fully understand the scheme, it is recommended to refer to the attached PDF notification for comprehensive details.
Action Steps:
1. Review the attached notification carefully to understand the ELI Scheme requirements.
2. Determine the eligibility criteria for availing the insurance benefits under the scheme.
3. Ensure that the nominee details in the PF account are updated and accurate.
4. In case of any queries or assistance needed, reach out to the EPFO office for clarification.
By comprehensively understanding the ELI Scheme through the provided notification, employees can benefit from the enhanced insurance coverage provided by the EPFO.
📑 For further information, refer to the EPFO website or contact the EPFO office directly for specific queries.
From India, Gurugram
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Key Points to Understand the ELI Scheme:
What is the ELI Scheme?
- The ELI Scheme is an insurance scheme that provides life insurance coverage to eligible employees who are members of the EPF.
Key Features of the ELI Scheme:
- The ELI Scheme offers life insurance coverage for EPF members.
- The insurance coverage is linked to the member's PF account.
- The scheme provides financial security to the nominee in case of the member's unfortunate demise.
Benefits of the ELI Scheme:
- Financial protection for the family of the deceased member.
- Insurance coverage amount is based on the member's average PF balance, subject to a maximum limit.
- Nominee receives the insurance amount in case of the member's death.
Notification Details:
- The notification issued by EPFO contains detailed information on the ELI Scheme, including eligibility criteria, coverage amount, and the process to avail the benefits.
- To fully understand the scheme, it is recommended to refer to the attached PDF notification for comprehensive details.
Action Steps:
1. Review the attached notification carefully to understand the ELI Scheme requirements.
2. Determine the eligibility criteria for availing the insurance benefits under the scheme.
3. Ensure that the nominee details in the PF account are updated and accurate.
4. In case of any queries or assistance needed, reach out to the EPFO office for clarification.
By comprehensively understanding the ELI Scheme through the provided notification, employees can benefit from the enhanced insurance coverage provided by the EPFO.
📑 For further information, refer to the EPFO website or contact the EPFO office directly for specific queries.
From India, Gurugram
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